Every day, crypto technology evolves, and we observe a change in buying and selling things in the digital world. If Salvator Mundi by Leonardo da Vinci could fetch hundreds of millions of dollars, a digital selling of a 10-second video can also take you by a storm.
A Miami-based art enthusiast Pablo Rodriguez-Fraile bought a 10-sec video paying USD 67000. No other investment could have shot his balance sheet with profit like this –he sold the same art at astonishing USD 6.6 million! The incident set a hallmark of capitalizing on digital investments.
What is the video all about?
With the Internet name Beeple, Mike Winkelmann is a digital artist who made the video which was approved and authenticated by Blockchain as many digital signatures certified that it is an original work.
The artist says, "You can go into the Louvre and take a picture of the Mona Lisa, and you can have it there, but it doesn't have any value because you don't have the provenance or the history or the work. Again, the reality here is that this is very, very valuable because of who is behind [it]. It's a full career of a multi-generational, like a generational career in this space of being the best of the best." The art approved through Blockchain couldn't be condoned by the stakeholders for its genuineness –the hefty amount he earned corroborated this notion.
What are Non-Fungible Tokens (NFT)?
While other online digital trading methods are treacherous and insecure, NFT is the most foolproof method to buy digitally crafted art and other media.
It is a kind of crypto-asset based on the contemporary technology of Blockchain. In other words, the technology of Blockchain endows NFTs with the most secure trading on digital platforms.
A couple of years back, the NFT market had estimated the worth of hardly USD 42 billion that skyrocketed with the growth of over 700% by the end of the pandemic year 2020. The marketplace of NFT is expected to break all the records as the entire business ecosystems are turning virtual.
NFT could include anything –from digital artwork to sports cards to plots in real estate etc. Nevertheless, NFT drew everybody's eyeballs when NBA's Top Shot portal opened up to the users to purchase and trade NFTs. It was done in the form of visual clips from the games.
Continue reading: https://www.linkedin.com/pulse/non-fungible-tokens-technology-made-10-sec-video-worth-ashish-parmar